Samsung Q4 operating profit grows more than 63%

10 January, 2018, 01:54 | Author: Angelina Schmidt
  • SOUTH KOREA. A customer holds a Samsung Electronics Galaxy Note 7 smartphone at the headquarters of South Korean mobile carrier KT in Seoul South Korea Friday Sept. 2 2016

For the October-December period of previous year, the estimated operating profit of the Korean company is at 366.8 billion won, which is about $343 million.

Korean technology firm Samsung has released preliminary quarterly results indicating it forecasts record profits in 2017's fourth quarter.

The South Korean tech giant projected the operating profit for the three months to December to come in at 15.1 trillion won (US$14.1 billion), Reuters reports.

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The operating profit estimate fell short of the market consensus of 471 billion won compiled by Yonhap Infomax, the financial arm of Yonhap News Agency, through a survey of 17 brokerage houses.

During the October-December quarter, Samsung's operating profit hit a new quarterly high of 15.1 trillion won (14.2 billion USA dollars). The fourth-quarter report was announced before the market opened Tuesday.

"Share prices of Samsung Electronics weighed on the market index, but the correction is expected to be short-lived, considering its operating profit guidance was affected by one-off costs", Seo Sang-young, an analyst at Kiwoom Securities, said.

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South Korean stocks finished lower on January 9 due to tech losses, triggered by Samsung Electronics' weaker-than-expected earnings estimates due to the strengthening local currency, analysts said.

"It seems like [the company's] strategy to differentiate itself [from rivals] through premium products in the TV and home appliances segment successfully lent support to the improvement of sales and profitability", an industry insider said.

The company did not provide details for business divisions.

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Revenue was estimated to have increased 24 percent to 66 trillion won, against analysts' average forecast of 66.8 trillion won.

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